Fixed tariffs close to the coming April 22 cap

QrizB

The weekly MSE email (link) stated that, while most people are still better off on the SVT, there are a small number of fixed tariffs (particularly loyalty tariffs) that are close to the projected April cap and might be worth considering. Here's an excerpt from the email:

Forum users (examples here and here) are wondering which tariffs MSE means. I thought it might be useful to start a thread where these tariffs could be referenced.

For reference, the April cap could be around 8p/kWh for gas and 30p/kWh for electricity, and the standing charge could be £90-£100 per fuel. At those prices, Ofgem's typical user would be looking at a bill of £2010/yr.

QrizB

I'm with Octopus for electricity and the closest I can see is "Loyal Octopus 12m Fixed December 2021 v3". For my region (Southern) the rates are:

• Electricity (single-rate): 27.78p/kWh, 24.11p daily SC
  
• Electricity (E7): 18.7p/kWh night, 32.43p/kWh day, 24.19p daily SC
• Gas: 8.45p/kWh, 26.1p daily SC

Ofgem's typical 2900/12000 customer would pay £2003/yr, fractionally less than the £2010/yr in the opening post.

QrizB

The MSE email also suggests Scottish Power. Checking my region again, I'm offered a 2-year fix "Fixed Price January 2024 YM1 online" with £30/fuel exit fee at the rates:

• Electricity (single-rate): 29.09p/kWh, 24.11p daily SC
  
• Electricity (E7): 16.749p/kWh night, 30.903p/kWh day, 24.19p daily SC
• Gas: 8.45p/kWh, 26.11p daily SC

The gas tariff is identical to Octopus; single-rate electricity is slightly more, but E7 is noticeably less.

Ofgem's typical 2900/12000 customer would pay £2041/yr.

PennineAcute

For the NW, the Scottish Power's Fixed Price January 2024 YE2 seems to be a decent tariff at a total of £1355.19 pa for 6000 kWH of Gas and 2500 kWh of elec - although £265.05 more than the 18-month tariff I have just recently set up with EON Next.  That tariff sadly has now gone.

Could this be one of them?  I think it could.

DiseasedBunny

Scottish power I can get 6.85 gas and 27.89 electricity fixed till feb 2024, with approx £91 Sc in each service 

QrizB

DiseasedBunny said:

Scottish power I can get 6.85 gas and 27.89 electricity fixed till feb 2024, with approx £91 Sc in each service 

Is that a loyalty tariff? It sounds like a reasonable choice if you don't want to gamble with the SVT and future energy prices.

DiseasedBunny

That was just using the which switch comparison site, looks good to be honest, better than anything I can see with BG or EDF (my SOLRs)

Shedman

DiseasedBunny said:

Scottish power I can get 6.85 gas and 27.89 electricity fixed till feb 2024, with approx £91 Sc in each service 

Indeed....the 24 month fixed ones you quote seems to be roughly same tariff as the 12 month ones but without the exit charge so if you're going to switch then its a bit of a no brainer compared to the 12 month ones.  

However, I'm still hopeful BG will hold the Electric tariff till end July as indicated (or that they will actually switch me to the Zero Fixed Oct 22 as promised several times) so makes deciding whether to jump quite tricky.

wamphyri

DiseasedBunny said:

Scottish power I can get 6.85 gas and 27.89 electricity fixed till feb 2024, with approx £91 Sc in each service 

Similar, I am quoted 6.25p/24.28p for 12 months and 6.86p/29.86p for 24 months. I will prob go for one of them but question is to take a punt on the 12 month deal in the hope that prices will come down in a year, or go for the 2 year deal in case they just keep rising (altough there is no exit fee on the 24 month deal so I guess I can always bail on it early).

QrizB

From this post:

https://forums.moneysavingexpert.com/discussion/comment/78894192/#Comment_78894192

stewie_griffin said:

E.ON Next have launched a new tariff today for existing customers - Next Online v9. The prices are fixed for 12 months and although the standing charges are high the unit prices aren't too bad, so worth considering unless you're a low user. In my region (East Midlands) the electricity SC is 38.953p and the unit rate 25.169. Gas SC is 49.294p and unit price 5.204p.

That works out as £1680/yr for Ofgem's average user and could be a good deal for most people (but not for very low users).

QrizB

Scottish Power Exclusive Fixed March 2023 B1 rates in my region:

• Electricity 23.510p/kWh and 18.63p/day
• Gas 6.381p/kWh and 18.63p/day
• £30/fuel exit fee
  

£1585/yr for Ofgem's average user and the best fixed rate I've seen recently.